Hewlett-Packard Reports 13% Rise in Revenue

The company said its first-quarter net income grew 38 percent to $2.1 billion, or 80 cents a share, while revenue climbed 13 percent to $28.5 billion.

Industry analysts anticipated that the bigger story to emerge from Hewlett-Packard’s earnings report would be its assessment of technology spending — domestic and internationally, and among both consumers and corporations. The company estimated that second-quarter revenue would be $27.7 billion to $27.9 billion, and full-year revenue would be about $114 billion — increases of about 9 percent in each case.

The company also said it expected second-quarter earnings per share of 77 to 78 cents, a 20 percent increase. As the world’s largest technology company, Hewlett-Packard is considered a bellwether of spending patterns. In a statement, Mark V. Hurd, the chief executive officer, said, “We are raising our guidance yet again, reflecting our confidence in anticipated cost reductions and share gains in key markets.”

Hewlett-Packard’s first-quarter results compared favorably to projections of Wall Street analysts, who had forecast sales of $27.5 billion. Not including one-time items, the company’s earnings per share were 86 cents; the analysts had expected 80 cents.

In the same period last year, Hewlett-Packard reported revenue $25.1 billion and net income of 65 cents per share.

The company’s shares ended the regular trading session on Tuesday at $43.95, up 8 cents. They have slipped from around $50 at the beginning of the year, underperforming both the Standard & Poor’s 500-stock index and some of Hewlett-Packard’s major competitors, industry analysts said.

Hewlett-Packard shares were up about 6 percent in after-hours trading.

News of Hewlett-Packard’s sales growth was tempered somewhat by the positive impact of currency trends. As the dollar has fallen, it has enabled Hewlett-Packard — like other exporters — to show improved performance on sales it makes overseas in other currencies.

The impact on currency accounted for more than $1 billion of its first quarter reported sales growth, said A. M. Sacconaghi, an industry analyst with Sanford C. Bernstein & Company.

H.P. has benefited by doing relatively more business overseas than many American technology companies and thus being less susceptible to softness in its home market. About 65 percent of H.P.’s business is done overseas, compared to 40 percent for many technology companies, industry analysts said.

H.P.’s global computer business has been growing at a healthy clip, according to Gartner Group. Based on a preliminary assessment of the fourth quarter market, Gartner said that H.P.’s global personal computer shipments grew 23.2 percent during the period, compared to 22.5 for Acer, and 21.5 percent for Lenovo.

Dell, H.P.’s chief domestic rival, saw its shipments grow 17 percent, according to the preliminary data provided by Gartner.

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